RIICO, Glo-Tech sign MoU for Rs 1,000-cr manufacturing unit

Rajasthan State Industrial Development and Investment Corporation (RIICO) and Glo-Tech Enterprises have signed a memorandum of understanding (MoU) to set up a Rs 1,000 crore manufacturing facility in the state.
The unit, which will be set up in Bhiwadi industrial region of Alwar district, will manufacture mobile phones, LED TVs and allied products.
The MoU was signed between Principal Secretary Industries and Managing Director of RIICO, Veenu Gupta, Chairman and Managing Director of Glo-Tech Enterprises, Narendra Bansal and the Founder Chairman of Kandoi Group Anand Singhal yesterday.
"The facility with an investment of around Rs 1,000 crore will provide direct employment to 7,500 people and have a spin-off impact on secondary and tertiary sector in terms of employment and other benefits," according to a release here.

State Chief Secretary C S Rajan who was present at the signing of MoU said: "This will create a cascading impact on investment in this field in the state.